Debate has arisen in the United States over the economic value and need of the penny. The penny is the United States’ coin with the smallest value---only one cent. Recently, many have been discussing getting rid of the penny. It’s a waste of money and materials to produce and they’re easily forgotten more often than used. After much deliberation, I can conclude that penny is insignificant to our economic system and getting rid of it would benefit the United States’ economy.
Interestingly, the penny actually costs more to produce than it is worth. According to Source #1, each penny costs about 2.41 cents to produce (Source #1, Sommer). In 2011 alone, the United States “...lost $60.2 million on the production and distribution of pennies…” (Source #1, Sommer). Although over the years, the government has worked to reduce the production cost of pennies. An example of this was the use of steel pennies during World War II. However, mints have not succeeded in finding a way to make a penny under one cent yet. Current pennies are manufactured with zinc making up 97.5 percent of the coin and copper making up the other 2.5 percent (Source #1, Sommer). This a cheaper considering the metal ratios they used to be make with. “Before then, pennies were 95 percent copper and 5 percent zinc…” (Source #1, Sommer). Even …show more content…
Things such as penny candy and penny arcades are far and few between in this day and age. Often, pennies spend their time taking up space in wallets, drawers, and on shelves. One eighth grader says, “If you asked for my quarters, I would have said ‘no’ because I use them for video games. Pennies don’t really matter much, so I was happy to give them…” (Source #3, Waterhouse). People also use pennies for wishing wells, or even just end up throwing them away. This does nothing to use their worth. It also wastes the money used to create the penny. If no one is making use of the penny, why are they still being
Interestingly, the penny actually costs more to produce than it is worth. According to Source #1, each penny costs about 2.41 cents to produce (Source #1, Sommer). In 2011 alone, the United States “...lost $60.2 million on the production and distribution of pennies…” (Source #1, Sommer). Although over the years, the government has worked to reduce the production cost of pennies. An example of this was the use of steel pennies during World War II. However, mints have not succeeded in finding a way to make a penny under one cent yet. Current pennies are manufactured with zinc making up 97.5 percent of the coin and copper making up the other 2.5 percent (Source #1, Sommer). This a cheaper considering the metal ratios they used to be make with. “Before then, pennies were 95 percent copper and 5 percent zinc…” (Source #1, Sommer). Even …show more content…
Things such as penny candy and penny arcades are far and few between in this day and age. Often, pennies spend their time taking up space in wallets, drawers, and on shelves. One eighth grader says, “If you asked for my quarters, I would have said ‘no’ because I use them for video games. Pennies don’t really matter much, so I was happy to give them…” (Source #3, Waterhouse). People also use pennies for wishing wells, or even just end up throwing them away. This does nothing to use their worth. It also wastes the money used to create the penny. If no one is making use of the penny, why are they still being